BP invests in petrochemicals

Creating a new revenue stream through licensing

8:24 AM MDT | October 26, 2012 | —Natasha Alperowicz in Shanghai

Elmslie: In 2010, sales in Asia exceeded BP's combined petrochemical sales in Europe and the United States. BP is back on the expansion trail in petrochemicals. The company plans to reinforce its sizeable petrochemicals business, part of the group’s refining and marketing (R&M) segment, through expansion in Asia—the business’s main growth region—and efficiency improvements in Europe and the United States. These plans are designed to help BP retain its high share of the global market in three core products: purified terephthalic acid...